Chinese authorities announced on Friday a 7.12 billion yuan ($984 million) fine for Ant Group, ending a years-long regulatory overhaul of the fintech company and marking a key step to concluding a crackdown on the country's internet sector.
China's central bank, which has been driving the revamp at Ant after the company's $37 billion IPO was scuttled in late 2020, said it would fine Ant 7.1 billion yuan, require it to stop operations of its crowdfunded medical aid service Xianghubao and compensate users.
The penalty amounts to one of the largest ever fines for an internet company in China.
Ant and its subsidiaries had violated laws concerning corporate governance and financial consumer protection, and participated in business activities that were supposed to be conducted by bank and insurance institutions, the People's Bank of China (PBOC) said.
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